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Refinancing of Existing Facilities:
- The verification of the original paid in equity provided at the initial acquisition date--no matter how old.
- Income statement and budget reflecting a stabilized net operating profit with explanation as to how it was arrived.
- Define any rehabilitation, updating, or repairs that are going to be done with the refinancing.
- Outline any other liens, major liabilities, etc. that are going to be paid off with the refinance.
- Personal financial statements of all principals owning more than 20% of the organization.
- Two years tax returns for the organization and the principals owning more than 20% of the organization.
- Two years income statements and balance sheet for the property, plus trailing period financials.
- Resumes of all of the principals.
- The amount of the present debt for all mortgages, both first and second mortgage.
- Completed ICC Loan Applications and Credit Authorizations.
- Current rent roll.
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New Construction or Substantial Rehabilitation:
- Brief executive summary explaining use and income source from the property and background of the organization to be the proposed real estate.
- Two years tax returns for the organization and the principals owning more than 20% of the organization.
- Two years income statements and balance sheet, plus trailing period financials.
- Personal financial statements on principals owning more than 20% of the organization.
- Resumes of the principals.
- Pro Forma Net Operating Statement for three years.
- Simple recap of Construction Costs.
- Plans and Specifications for construction.
- Completed ICC Loan Applications and Credit Authorizations.
- Most current rent roll if the loan is for acquisitions with substantial rehabilitation.
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